Global Smart Locks Market: Drivers and Restraints Forecast 2024

An advancement in lock technology, smart locks are locks that can be operated remotely or through other unconventional means. While there have been several attempts to redesign the way locks work, smart locks, which can be operated from the user's phone or with keyless fobs, have emerged as the most promising alternative to conventional locks. The global smart locks market has expanded rapidly in the last few years, in line with the development of telephony hardware from 2G to the 4G and even 5G devices available today, and the rising demand for smart city infrastructure. The increased security provided by smart locks, since the virtual 'keys' for smart locks cannot be duplicated as easily as conventional keys, has also been a major factor driving the demand for smart locks in the last few years.

The report presents a comprehensive analysis of the global smart locks market. The major product types in the smart locks market and the sales figures for them over the historical review period have been analyzed in the report. The major regional segments of the global smart locks market have also been profiled in detail in order to provide an overview of how each regional market performed and is expected to perform in the next few years. The operations of major players in the global smart locks market have been examined in the report to provide readers a helpful snapshot of the competitive landscape.

The global smart locks market is driven primarily by the increasing demand for secure locks. Since the limitations of conventional locks have now become obvious, efforts to revolutionize the locks industry have been underway for a while and have led to the development of electronically operated smart locks. Apart from residential users, industrial and commercial establishments have also started adopting the advanced lock technology to boost their security. This is the fundamentally important factor expected to drive the global smart locks market in the next few years.

The global smart locks market is gaining significant impetus from the advancement in the telecommunications technology, which has now progressed to the point that remote operation of smart devices is not just possible but commercially available. The convenience of smart locks, which can be unlocked with the user's smartphone instead of a separate key that the user can misplace quite easily, has thus been of great help to the market for the same.

The global smart locks market has also been boosted significantly by the steady support lent by governments across the world to broaden the scope of smart city infrastructure. Locks in new residential as well as commercial constructions already tend to be electronic, and smart locks are the natural successors of the same. Initiatives such as the smart city drive in India have become common around the world and will be a major driver for the smart locks market in the near future.

On the other hand, the risk of the phone and its backup being hacked is the major restraint of the global smart locks market. The rising threat of cyber-terrorism has made this factor a significant one for potential customers of smart locks, and the smart locks industry will need to be on the cutting edge of innovation to stay ahead of the security threats hampering the smart locks market.

Global Smart Locks Market: Geographical Overview

The smart locks market is currently dominated by developed regions such as North America and Europe, with the former outshining the latter in 2015. The technology and infrastructure required for large-scale use of smart locks will eventually trickle down to developing economies such as China, South Korea, Japan, and India, thereby driving the market for smart locks in Asia Pacific.